National property developer Goldfields has secured permit approval and appointed Victorian residential builder Ironside to begin work on The Brightly, an 11-storey, wellness and lifestyle-focused mixed-use development in Richmond.

<a href="https://www.apartments.com.au/developers/goldfields-group">Goldfields</a> has partnered with Dexus Real Estate Partnership Fund 1 (DREP 1) as co-investor and delivery partner in the <a href="https://www.apartments.com.au/new-apartments/the-brightly-9-15-brighton-street-richmond-vic-3121">Brighton Street project</a>.

With architecture and interiors by design practice Cera Stribley, The Brightly will feature 100 apartments, a resident-only wellness space, elevated dining experiences including a private dining room and a rooftop garden lounge, and ground-floor retail designed to integrate with Richmond’s local character.

The wellness space will feature a hot magnesium pool, cold plunge, steam room, sauna, and a vitamin-infused drinking station for refreshment and rehydration.

The Brightly’s focus on wellness extends to the rooftop landscaped by award-winning landscape architect Jack Merlo. It will feature canopied retreats and panoramic views of the Melbourne CBD and Richmond Hill treetops. Residents can also host guests with a private bookable dining space on the rooftop garden lounge and an indoor option on the first level.

Cera Stribley’s architectural vision drew inspiration from the surrounding area, using the flowing form of the train lines to shape the façade and create a dialogue between the building and Richmond’s rich history. The design features a four-level podium lined with lush greenery, honouring the suburb’s character and streetscape through its scale and materials.

There will be a choice&nbsp;of one-, two- and three-bedroom apartments, along with 19 exclusive sub-penthouses and penthouses, for prospective purchasers.

Lachlan Thompson, Goldfields’ CEO, said The Brightly will define a new kind of urban luxury for Inner East living.

“By drawing on Richmond’s vibrant mix of culture and hospitality, we’ve combined a lifestyle centred on wellness,” Thompson said.

“Its proximity to Melbourne's sports and entertainment precinct, the CBD, parks, and public transport makes it a prime location for both young professionals and those seeking a lifestyle change. What we’ve created is something remarkable - it’s real, it's Richmond, and it’s refined."

Dexus Real Estate Partnership Fund 1 Fund Manager, Jason Howes, said the Brightly is a high-quality investment in a high demand area with limited residential stock expected to be added in the coming years.

“Partnering with Goldfields, we are delivering a project that will redefine lifestyle focused urban living, offering residents exceptional design and amenities in one of Melbourne's most vibrant suburbs,” he said.

Onsite demolition is underway, with construction set to commence in April 2026 and completion targeted for late 2027. The Brightly will launch to market in mid-2026.

[smartcode_project_cta:default project_id=146631]

Joel Robinson

Goldfields greenlit for The Brightly, Richmond apartment development

The Allan Labor Government has revealed the remaining 23&nbsp;Train and Tram Zone Activity Centres as part of their plan to try and encourage development around some of Melbourne's most connected suburbs.

The new zones includes&nbsp;four smaller ‘neighbourhood centres’ to plan for more modest growth.

<ul>
	<li>Five are connected to the new Metro Tunnel and are now experiencing more services: Caulfield, Springvale, Noble Park, Yarraman (neighbourhood centre), and Dandenong stations.</li>
	<li>Eight are along the Frankston Line, which has recently returned to the City Loop: Hawksburn, Toorak (Beatty Avenue), Armadale (High Street), Malvern (Glenferrie Road), Glen Huntly, Ormond, Bentleigh, and Mentone stations</li>
	<li>Four are along the Sandringham Line, which will see an increase in services later this year: South Yarra, Prahran, Windsor and Elsternwick stations</li>
	<li>Three are on the Belgrave/Lilydale Line and benefit from five-minute peak services on average between Ringwood and the city: Blackburn, Nunawading, and Mitcham stations</li>
	<li>Two neighbourhood centres on the Alamein Line: Ashburton Station, plus a combined centre for the two closest stations on the metropolitan network Riversdale &amp; Willison stations</li>
	<li>One neighbourhood centre, Toorak Village, is a built-up area along the Route 58 tram.</li>
</ul>

The <a href="https://spatial.planning.vic.gov.au/activitycentre/">draft maps</a> will now be subject to detailed community consultation.

A similar process occurred for the first 10 pilot Activity Centres, with clear changes made as a direct result of this community consultation.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/vic/50-new-train-and-tram-zone-activity-centres-to-encourage-new-apartment-development-across-melbourne">50 new ‘train and tram zone’ activity centres to encourage new apartment development across Melbourne</a>

The final train and tram zones will set clear expectations on where new homes can go, cutting out delays, uncertainty and red tape and getting homes off the ground. The remaining two in inner-Melbourne that cover the entire Local Government Areas of Melbourne and Yarra, will go through a separate process.

In the immediate ‘core’ the plans allow for more homes in taller apartment buildings.&nbsp;Some cores have heights of six storeys, while others have up to 20 storeys, only when it is in line with those councils’ planning work.

Eligible buildings across the core will be ‘deemed to comply’ with planning rules and be exempt from VCAT review. Applications in the core that exceed the specified height of the site are not eligible for this fast-tracked pathway.

In the walkable catchments that surround the core, the plans propose gentler height limits and more low-rise apartments and townhouses. Heritage and landscape overlays will stay in place.

Inner catchments, representing up to a five-minute walk from the station or centre, propose limits of four storeys, or six storeys on larger blocks of more than 1,000 sqm, while outer catchments, representing up to a 10-minute walk from the station or centre, propose limits of three storeys, or four storeys on larger blocks of more than 1,000 sqm.

By 2051, train and tram zones will help deliver more than 300,000 new homes, with final plans for all 50 new centres expected to be completed by mid this year.

“We want more Victorians to have the opportunity to live close to public transport, their loved ones, and the things that matter to them,"&nbsp;Minister for Planning Sonya Kilkenny said.

“Whether it’s making it easier to build homes close to public transport, townhouses in our inner suburbs, or family homes with a backyard, our planning reforms are all about giving more Victorians real housing choice.

“While we’re focused on giving more young Victorians the opportunity to have a home of their own, the Liberals are blocking them from being built. They oppose more homes near transport, jobs and services.”

Toorak and South Yarra earmarked for greater density as VIC Gov releases final Train and Tram Zone Activity Centres

Glen Waverley’s housing shortage is set to be closed by 50 per cent with the approval of 795 new apartments which will rise from a former carp park in the heart of the suburb.

The plans, lodged by <a href="https://www.apartments.com.au/developers/sunkin-property-group">Sunkin Property Group</a> and now approved by the Victorian State Government Development Facilitation Program, will transform the 6,114 sqm carpark at 281 Springvale Road, into an $800 million, mixed-use residential and commercial development in the metropolitan activity centre.&nbsp;

“281 Springvale Road has received planning approval for a mixed-use, high-density development that will provide much needed homes in Melbourne’s middle-ring suburbs, including affordable housing," Sunkin's GM of Property and Development Lloyd Collins says.

"We worked closely with key stakeholders, the Department of Transport and Planning, Suburban Rail Loop Authority and Monash City Council to achieve an integrated design with an activated retail ground level that will add to the success of Glen Waverley.

Glen Waverley’s population is projected to grow by 9 per cent by 2031, with an additional 1,600 dwellings required to &nbsp;service the area.

Around 1,000 sqm of the former carpark has been retained by Monash City Council for a new Civic Plaza, creating a central meeting point and public transport link for the local community. &nbsp;

Sunkin Property Group acquired the site from Monash City Council in 2024. The site will remain open as a public carpark until development commences.

[smartcode_project_cta:default project_id=149491]

$800 million, 800-unit development permit fast-tracked for Glen Waverley carpark

UAE developer <a href="https://www.apartments.com.au/developers/arada">Arada</a> is continuing to unveil its billions of dollars of residential development it is set to deliver in Australia.

Following on its plans for <a href="https://www.apartments.com.au/news/nsw/arada-pitches-castle-hill-apartment-plans-ahead-of-2026-launch">431 apartments in Castle Hill</a>&nbsp;and the 2025 bail-out of construction firm Roberts &amp; Co so it can build its own developments, Arada&nbsp;has sought the NSW Government's approval for three towers in the Campsie town centre.

The project, dubbed One Campsie, has been designed by Woods Bagot and will deliver 346 apartments to Beamish Street across three interconnected towers rising 24, 32, and 39 storeys.

According to the Woods Bagot Architectural Design Report, the design seeks to “redefine the urban experience of a rapidly transforming town centre,” delivering housing above an activated ground plane that integrates civic and commercial uses. The design adopts a three-part vertical composition, stepping and articulating the tower to reduce visual bulk and respond to its varied urban interfaces.

<img alt="First Look: Arada unveils 39-storey mixed-use tower for Campsie town centre in State Significant Development bid" data-entity-type="file" data-entity-uuid="f515807f-7277-4ea5-8b2b-a5718514f30a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campsie%20podium.png?VersionId=J3oSJpOvye8gpg1kjagODjdhOb0Cl28I" />

At street level, the scheme places significant emphasis on public domain upgrades. A new civic plaza is proposed opposite the Orion Theatre, alongside a landscaped pocket park and a through-site pedestrian link connecting Beamish Street to Campsie Street and Ninth Avenue. The Urban Design Justification Report states that the proposal “builds on Council’s Master Plan by applying a place-led urban design framework that responds to the site’s unique conditions and enhances pedestrian experience and public benefit.”

The documents note that the development aligns with the Master Plan’s intensification strategy for sites within walking distance of the Metro station, while seeking to retain solar access to key public spaces. As outlined in the Urban Design Report, the proposal delivers “intensification within walking distance of the Metro Station while retaining solar access to key parks."

<img alt="First Look: Arada unveils 39-storey mixed-use tower for Campsie town centre in State Significant Development bid" data-entity-type="file" data-entity-uuid="586ad606-a84f-49cc-b715-fc3ecb731205" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campsie%20podium%20a.png?VersionId=gNHaD.Os8yW4LVOdsJIdmmhlgQArs0Gm" />

Woods Bagot’s design narrative also draws on local history and Aboriginal cultural context. The Architectural Design Report references engagement with Wangal Country and the Cooks River landscape, seeking to embed a connection to Country through material selection, planting, and public art integration. The broader vision, as described in the report, is to create a building that functions as a “community catalyst, not only as a place to live, but as a vibrant destination for work and play that brings people together, supports local culture, and contributes meaningfully to the civic identity of Campsie.”

<img alt="First Look: Arada unveils 39-storey mixed-use tower for Campsie town centre in State Significant Development bid" data-entity-type="file" data-entity-uuid="f1bc9a44-0c1a-4e3f-8b27-38070b0d2744" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_2.png?VersionId=1JmMWg6jOU1rPpS9hCxy8s8H48xc0EiM" />

Located at 124–142 Beamish Street and 16–18 Ninth Avenue, the site occupies a key stretch of Beamish Street, Campsie’s traditional high street, characterised by fine-grain retail, multicultural dining, and proximity to civic infrastructure including the Orion Theatre and Canterbury Civic Centre. The proposed civic plaza and pocket park aim to strengthen this interface, formalising connections between retail frontages, public transport, and community facilities.

If approved, One Campsie would mark one of the tallest and most ambitious additions to the suburb’s skyline, reflecting the broader shift toward higher-density living around transport nodes in Sydney’s middle-ring centres.

First Look: Arada files for trio of apartment towers in Campsie town centre

Syd​ney builder-developer Scion has lodged a State Significant Development Application (SSDA) for a 22-storey mixed-use tower at <a href="https://www.apartments.com.au/new-apartments/96-anzac-avenue-west-ryde-nsw-2114">96 Anzac Avenue, West Ryde</a>, marking a significant step in the transformation of the Victoria Road gateway precinct.

Designed by Turner, the proposal would replace an ageing two-storey commercial building with 145 apartments and 29 co-living rooms, above ground-floor retail and three basement levels of parking.

The 3,149 sqm site sits just 150 metres from West Ryde train station, at the edge of the suburb’s retail core and diagonally opposite Anzac Park. It occupies a prominent corner with frontages to both Anzac Avenue and Victoria Road, positioning it as a key transition point between established residential neighbourhoods and the commercial centre.

The scheme is being advanced under the Housing Delivery Authority pathway as a State Significant Development, alongside a concurrent rezoning to lift the site’s height and floor space ratio controls.

Turner says in the Architectural Design Report that the proposal "responds to a unique opportunity to support the revitalisation of West Ryde through the delivery of a landmark development that combines high-quality residential offerings with enhanced public realm and active ground plane uses.”

Scion will be pushing height almost five times higher than what had been pitched for the site before.

Turner says the increased scale aligns with Council’s strategic direction for the precinct, including the West Ryde Town Centre Revitalisation Strategy (2019), the Draft Masterplan (2021), and the West Ryde–Meadowbank Renewal Strategy (2023).

“The increased height and density proposed aligns with Council’s evolving strategic direction for the precinct, as outlined in the Draft Revitalisation Strategy (2019), the 2021 Draft Masterplan, and the broader West Ryde–Meadowbank Renewal Strategy (2023), which collectively call for higher density, transit-oriented development and design excellence."

Turner describes the vision as establishing “a contemporary, mixed-use development that contributes positively to the West Ryde town centre.”

<img alt="West Ryde" data-entity-type="file" data-entity-uuid="c5c22c11-92b8-4ca6-b77b-b5848ae0176d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-02-12%20at%202.41.34%E2%80%AFPM.png?VersionId=aom0z8azYDw7Hl6.A6vDbCom5ozZICn5" />

The architectural response has been shaped by the site’s gateway role along Victoria Road and its proximity to Anzac Park and surrounding heritage elements, including the Sydney Water pumping station opposite the site.

The design process also incorporated consultation around Connecting with Country principles. The design report outlines engagement with Cultural Heritage Consultants Artefact and Aunty Julie, a Burruberongal woman of the Darug Nation, informing planting selection, materiality and potential public art opportunities.

Turner says the scheme aims to optimise the site’s capacity while balancing yield and amenity.

“The proposed scheme seeks to optimise the site’s potential by balancing yield, amenity, and urban integration. It will deliver a high-quality, mixed-use precinct that supports West Ryde’s ongoing transformation into a connected, accessible, and liveable centre."

Scion recently completed the build of its own development, The Sterling in Lane Cove. They are currently building Chatham in West Ryde, just 500m from the new proposal. Those 62 apartments will complete later this year.

First look: Scion pitches tower plans for West Ryde

Cooling Off

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A cooling off is occurring in Sydney's Eastern Suburbs residential market for properties especially at lower price points.
The eastern suburbs market is currently witnessing some mixed results which vary between market segments and property types, according to the June report from the valuation firm Herron Todd White.
The first quarter of 2018 started fairly stably however more recently has seen some softening in values, extended selling periods and auction clearance rates falling to 68.3% as of 27 May, compared to 79.4% at the same time last year, t.he report noted
The stronger sector of the market is currently good quality prestige houses in the $5 million to $10 million price range.
The reported quoted prominent eastern suburbs agent, Alexander Phillips, stating that “it’s harder to sell a $900,000 apartment by the beach than a house for $8 million in Bellevue Hill in the current market”.
As he points out, it’s just harder to borrow money, which is reducing the buying power for people looking for apartments.
“If you had a two bedroom apartment in Bondi open for $900,000 you’d get four or five groups, but if you had a house priced at $6 million or $8 million in Bellevue Hill you’d get 20 groups... there are just more buyers at that price point at the moment,” he said.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/6/15/6%20Latimer%20road%20Bellevue%20hill.jpg" alt="">
6 Latimer Road, Bellevue Hill which sold on 12th May for approximately $8,600,000 after the first open home and three days on the market (above). 
"While the prestige housing sector remains somewhat stable, the general unit market is showing signs of market resistance compared to previous years", according to the valuation firm.
A Bellevue Hill unit was originally passed in at auction, then set an asking price of $929,000 which was further reduced to $890,000 and was then sold for $870,000.
"Although not a significant reduction, this is something very rarely seen in the eastern suburbs over the past several years," HTW noted.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/6/15/10-175%20Victoria%20Road%20Bellevue%20Hill.jpg" alt="">
10/175 Victoria Road Bellevue Hill is a typical 2 bedroom, 1 bathroom art deco unit (on a busy road) sold on 4th May for $870,000 after 85 days on the market (above).
Buyers have a more reserved attitude and HTW is forecasting that this will continue for the remainder of the year. 
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j.ballantyne1990-6AQqhLzZaK

Cooling off occurring in Sydney's Eastern Suburbs residential market prices: HTW 

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CoreLogic's February Home Value Index was released today, and it's further bad reading for a majority of capital cities.
Seven of the eight capitals saw house prices slide over the month. The national median house price value slipped 0.9%.
It was only spared further declines by Hobart, the only capital not to see a price decrease. Their median house price jumped 0.9 percent in February to $489,000.
Perth and Darwin housing markets were the biggest hit over the month. They saw declines of 1.4% and 1.3%. 
Sydney and Melbourne continued their steep decline, with another 1.1% and 1.2% taken off their median house price values.
Sydney's median house price value now sits below $900,000, having seen the median value drop another $14,000 from January. Melbourne dropped $11,000 over the month.
Click here<a href="https://www.propertyobserver.com.au/images/2019/3/1/CoreLogic.jpg" target="_blank"> to enlarge</a>.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/3/1/CoreLogic.jpg" alt=""> Source: CoreLogic
Compared to this time last year, Sydney's median house price value is over $160,000 lower, while Melbourne's has dropped by $105,000.
Since the October 2017 peak Sydney is closer to $200,000 cheaper, and are now 11.5% down annually. Last month both capital city markets were <a href="/news/melbournes-10-6-annual-house-price-slump-now-rivals-sydney-10-9-corelogic">approaching 11% declines</a> (Melbourne 10.6%, Sydney 10.9%).
Click here <a href="https://www.propertyobserver.com.au/images/2019/3/1/CoreLogic3.jpg" target="_blank">to enlarge</a>.
 <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/3/1/CoreLogic3.jpg" alt=""> Source: CoreLogic
It's another decline above 1% for both the major capital city markets, the fourth straight month in a row.
Housing markets Adelaide, Canberra and Brisbane only saw small declines.
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jrobinson-rf4aSBido9

Perth and Darwin prices dip further, and Sydney sees 11.5 percent annual house decline

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Sydney and Melbourne both saw their median house prices fall in the month January as they both approach 11% annual declines, according to CoreLogic.
Sydney median house price went back a further 1.4% to be 10.9% down annually, while Melbourne's accelerated decline saw its median value drop another 1.7%, making it now 10.6% down annually and closing the gap on the harbour capital every month.
It's the third month in a row that the two capitals have seen declines over the one percent mark.
Click here <a href="https://www.propertyobserver.com.au/images/2019/2/1/CL-decline.jpg" target="_blank">to enlarge</a>.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/2/1/CL-decline.jpg" alt="">
The median house price in Sydney now has slipped to $902,000, with Melbourne's at $740,000.
Only 12 months ago Sydney's stood at $1.058 million, and Melbourne's $832,000.
Dwelling prices in the two major property markets dropped 1.3% in Sydney and 1.6% in Melbourne, due to apartments now getting caught up in the downturn (Sydney -1.2%, Melbourne -1.3%).
Click here <a href="https://www.propertyobserver.com.au/images/2019/1/CL-Jan1.jpg" target="_blank">to enlarge</a>.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/1/CL-Jan1.jpg" alt="">
Nationally, capital city dwelling values declined 1.2% over the month of January, led by Darwin (-1.7%), then Sydney and Melbourne.
There were losses over the one percent mark in Perth, while Brisbane and Adelaide record small loses.
The heat has even come out of the Hobart market. They saw a 0.2% decline. The median dwelling value in the Tasmanian capital is still 7.4% up annually.
CoreLogic's head of research Tim Lawless said the top quartile in Sydney and Melbourne are suffering the most.
Click here <a href="https://www.propertyobserver.com.au/images/2019/2/1/Dwelling-CL.jpg" target="_blank">to enlarge</a>.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/2/1/Dwelling-CL.jpg" alt="">
Weakness across the most expensive quarter of the market is most visible in Melbourne, where values across the top quartile are down 12.4% over the past twelve months and 13.8% lower since peaking.
Sydney’s top quartile of the market is showing a similar trend with values down 10.8% over the past twelve months and 14.6% lower since peaking.
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“The lower valuation brackets have benefitted from higher demand from first home buyers as well as tighter lending conditions for borrowers with higher debt to income ratios which is likely supporting a shift of demand towards lower price points," Lawless said. 
“Although the more affordable valuation brackets across Sydney and Melbourne have seen some resilience to falls early in the decline phase, it’s clear that all segments of the market in Australia’s two largest cities are losing value. 
“We’re seeing most of the large capital cities apart from Sydney and Melbourne showing far less divergence between the valuations brackets, which may be attributable to healthier levels of housing affordability and an absence of stimulus for first home buyers.” 
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Melbourne's 10.6% annual house price slump now rivals Sydney 10.9%: CoreLogic

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EXPERT OBSERVER
Home prices slid in 2018, in some places by quite a lot.
According to the widely-used <a href="https://www.corelogic.com.au/research/monthly-indices" target="_blank">Corelogic Hedonic Home Value Index</a>, home prices were down 4.8% across the nation in 2018. Sydney was particularly hard hit, down 8.9% and prices in Melbourne slipped 7.0%. Hobart was a bright spot, but an exception, up 8.7%.
You might be dying to ask what “hedonic” means. The word relates to pleasure, in this case the pleasure of owning a home.
<h2>Hedonic. It’s how we compare like with like</h2>
In earlier times monthly house price moves were calculated by comparing the average price of houses sold in one month with the average price of houses sold in the previous month.
But what if the “pleasure” that was sold in that month was different from the pleasure that was sold the previous month? What if, for example, in December mainly good five-bedroom mansions in good suburbs were sold, whereas in January it was mainly one bedroom dumps located where people didn’t want to live? The average recorded price would go down even if the price of individual houses had not.
The hedonic index gets around this by comparing <a href="https://www.corelogic.com.au/research/rp-data-corelogic-home-value-index-methodology" target="_blank">like with like</a> - the price of three-bedroom homes in a middle ranking suburb with the price of three-bedroom homes in the same middle ranking suburb and so on. It’s made up of a lot of indexes combined, and is unaffected by the mix of properties that happen to be sold in any particular month.
The results are not good news for current home owners, but they are worth putting into perspective.
<h2>How far back do you want to go?</h2>
In Melbourne prices are down 7.2% from their peak, but they are no lower than they were as recently as February 2017. In Sydney, prices are no lower than they were in August 2016 according to Corelogic.
So, should we focus on the latest very recent drop in prices, or the incredibly strong growth over the previous 20 years?
The following chart from Corelogic’s Head of Research Tim Lawless demonstrates that long-run growth in Sydney, as well as the fact there have been pretty significant short-run dips along the way.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/1/11/HOLDEN.jpg" alt="">
The most obvious point to make is that if you bought recently then the current price drops hurt. If you had a 20% deposit, the latest falls in Sydney and Melbourne have wiped out about half of your starting equity; more if you factor in stamp duty and moving costs.
If you bought a longer time ago, you might feel the sting of the latest price slide just a touch, but you are still well ahead.
So from a personal perspective, it’s natural that some people will care a lot about what’s happened, and others won’t much mind.
<h2>What’ll it mean for the economy?</h2>
The biggest concern is the so-called “wealth effect”.
When home prices fall, homeowners feel (and are) poorer.
It affects how much they are prepared to spend, although as the <a href="https://www.rba.gov.au/publications/rdp/2015/pdf/rdp2015-08.pdf" target="_blank">Reserve Bank and others have pointed out</a> the size of the effect remains unclear.
But it might be bigger than you think. Many of us aren’t rational. We have <a href="http://www.columbia.edu/%7Emd3405/RD_lecture_1_handout.pdf" target="_blank">“reference points”</a>. If, because of the barrage of media reports at the time, we use the start of 2018 (the top of the market) as our reference point, then even those of us who have owned properties for a long time will feel poorer. And because of that, we might spend less.
Since private spending <a href="https://tradingeconomics.com/australia/household-final-consumption-expenditure-etc-percent-of-gdp-wb-data" target="_blank">accounts for well over half of Australia’s gross domestic product</a>, spending less can have a big effect.
<h2>What’ll it mean for the banks?</h2>
Australia’s big four banks are the biggest lenders to residential property owners and are among the biggest companies in Australia.
Could the slide in property prices put them in jeopardy?
If a few homebuyers had a 20% deposit and suffered at most maybe a 15% fall in prices, there isn’t a problem, right?
That view is basically correct – except when it’s not.
Some lenders have been bulking up loans to borrowers who earlier took out, say, A$600,000. When their homes came to be worth, say, $1.5 million they lent them more - boosting their loans by most of the extra value.
The practice calls into question the view that only a small number of the most recent buyers are highly leveraged. Many more folks could be – but without the loan-level data that the banks have, we don’t know.
<h2>Is 2018 a good predictor of 2019?</h2>
At the heart of all of these questions is whether the 2018 price falls are likely to continue, which would mean them getting much bigger.
That depends on what caused them.
A key part of it was that banks (at least the big four) lent less than they used to. With less money borrowed, there was less money to bid up prices.
As I have noted before, Australian banks were arguably lending too much; about 25% more than US banks to equivalent borrowers.
Post Royal Commission, that’s changed. As has been widely discussed, banks are now looking at borrower’s expenses much more carefully. Too carefully, according to Treasurer Josh Frydenberg who has <a href="https://www.afr.com/news/politics/josh-frydenberg-tells-banks-to-ease-up-on-lending-crackdown-20181109-h17q2g" target="_blank">called on them to lend more</a>.
The important point is that if there has been a one-off adjustment in the borrowing capacity of Australians, then the price falls should stop fairly soon: predictions of more modest falls in 2019 followed by a reset and uptick in 2020 mightn’t be too far off the mark.
If so, the short-term slide will remain for most people, just that.
<a href="https://theconversation.com/profiles/richard-holden-118107" target="_blank">Richard Holden</a>, Professor of Economics, <a href="http://theconversation.com/institutions/unsw-1414" target="_blank">UNSW</a>
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/vital-signs-so-far-its-more-of-a-house-price-blip-than-a-bust-in-the-making-109568" target="_blank">original article</a>.
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It’s more of a house price blip than a bust in the making: Richard Holden

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Darwin just pipped Canberra to be 2018's strongest mainland capital city with 3.7 percent house price growth, according to CoreLogic.
Canberra houses rose 3.6 percent in the year.
Darwin's house price recovery was not however seen in the apartment market, where it was the weakest capital city market across the country.
Darwin unit prices were down 10.4 percent during 2018 to a $305,000 median, the CoreLogic report showed.
Canberra unit values rose 2 percent to $440,800.
Click here <a href="https://www.propertyobserver.com.au/images/2019/1/2/dwell1.jpg" target="_blank">to enlarge</a>.
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Darwin's dwelling values over the calendar year fell by 1.5 percent, while Canberra's dwelling values rose 3.3 percent.
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According to CoreLogic head of research Tim Lawless, the broad weakening in housing market conditions in 2018 highlights that the slowdown goes well beyond the correction in Sydney and Melbourne.
“Although Australia’s two largest cities are the primary drivers for the weaker national reading, most regions around the country have reacted to tighter credit conditions by recording weaker housing market results relative to 2017.
“The two exceptions were regional Tasmania, where the pace of capital gains was higher relative to 2017 resulting in a nation leading 9.9 percent gain in values over the 2018 calendar year, and Darwin, where the annual rate of decline improved from -8.9 percent in 2017 to -1.5 percent in 2018.”
A recent sale in Nightcliff was a Verbena Street five bedroom house which has been sold at $800,000 (pictured below).
<a href="https://www.realestate.com.au/sold/property-house-nt-nightcliff-128726138" target="_blank">13B Verbena Street </a>features open plan living/dining area, large covered balcony, kitchen with steel oven, four upstairs bedrooms and fifth bedroom downstairs. 
Other features include tropical gardens, in-ground pool, double carport and split-system a/c.
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A Fannie Bay three bedroom townhouse has been recently sold for $850,000 (pictured below).
Situated at 2/3 Philip Street, the townhouse comes with open plan kitchen and living, three bedrooms, and large private courtyard with in ground pool. 
It is with walking distance to the Fannie Bay Shopping Village and parks as well as East Point Reserve.
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Darwin was one of only two capital cities that saw a reduction in gross rental yields over the year. 
Darwin showed a reduction in rental yields, due to rental rates (-5.8 percent) falling more than dwelling values (-1.5 percent).
Hobart dwelling values (+8.7 percent) rose faster than rents (+5.8 percent) which dragged the gross yield lower over the year. 
Housing affordability has rapidly deteriorated across Hobart, according to Lawless.
"Outside of Hobart, where dwelling values were 8.7% higher over the year, even the best performing regions returned a relatively mild annual growth rate, Lawless said.
Seven of the top ten sub-regions returned an annual gain of less than 3%.
"Such a soft result amongst the best performing areas highlights that housing market weakness is broad-based and not just confined to Sydney and Melbourne," Lawless added.
Click here <a href="https://www.propertyobserver.com.au/images/2019/1/2/Cl-Jan2full.jpg" target="_blank">to enlarge</a>.
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Darwin pips Canberra to be 2018's strongest mainland capital for house value growth: CoreLogic

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Melbourne's house value decline accelerated to 9.1 percent in late 2018, according to CoreLogic.
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Melbourne’s top quartile housing market led the way with dwelling values down 11.2 percent over the year, while the lower quartile of the market has remained in subtle growth territory over the year (+0.5%).
Melbourne values are down 7.2% since peaking in November 2017. 
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At the end of 2018, Melbourne values are back to February 2017 levels, Tim Lawless, the head of research at CoreLogic said.
The 7.2 percent Melbourne decline from its peak 13 months ago compares with Sydney's 6.9 percent dip when it was 13 months into its downturn.
Click here <a href="https://www.propertyobserver.com.au/images/2019/1/2/dwell1.jpg" target="_blank">to enlarge</a>.
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Melbourne's inner east was the nation's worst performing housing market in 2018, according to CoreLogic.
The region saw declines of 13.4 percent.
The worst performing list, dominated by Sydney suburbs, only had one other Melbourne suburb, the inner south, which saw 10.5 percent decline.
Click here <a href="https://www.propertyobserver.com.au/images/2019/1/2/Ryde4.jpg" target="_blank">to enlarge</a>.
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Melbourne's inner east comprising of the likes of Doncaster, Hawthorn, Surrey Hills and Park Orchards.
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This time last year, at the end of 2017 Tim Lawless noted that the 2017 shift to falling national dwelling values was being driven by the capital cities, with the combined capitals tracking half a percent lower over the December quarter, while across the combined regional areas of Australia, values were half a percent higher over the quarter.
Amongst the capitals, the weakest end of 2017 year conditions were concentrated in Sydney and Darwin.
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At December 31, 2017 Sydney dwelling values remained 70.8 percent higher than their cyclical low point in February 2012.
The best performing capital city over the 2017 calendar year was Hobart, where dwelling values rose by 12.3 percent: almost five times higher than Hobart’s decade average annual rate of capital gain (2.5 percent).
 
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Melbourne's inner east the nation's weakest house price market in 2018: CoreLogic

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The Ryde district ranked as Sydney's weakest 2018 housing market, according to CoreLogic.
Ryde values were down by 13.3 percent over the year to December 31.
Sydney's inner south west was the next weakest with values down 10.9 percent.
Melbourne's inner east was the worst performing area of 2018, seeing <a href="/expert-insights/buying/melbournes-inner-east-the-nations-weakest-house-price-market-in-2018-corelogic">declines of 13.4 percent</a>.
There was a late year deterioration in values as Ryde's decline was put at 9.4 percent in August (below).
Recent Ryde sales included a one-bedroom apartment at 4 Devlin Street (above), which sold for $565,000, some $115,000 less than its 2014 off the plan purchase price.
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Ryde district vendors were having to adjust their expectations with losses emerging for some.</div>
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<div>Another off the plan purchase in Ryde went backwards recently. </div>
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<div>The apartment was bought for $713,000. The Belmore Street two bedroom apartment recently sold for $691,000.</div>
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<div>A two bedroom Macquarie Park apartment recently sold for $808,000, just $8,000 more than than two years ago. The sale fell well short of its initial $870,000 guide, and would have meant a loss after costs including stamp duty and estate agent commission.</div>
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<div>A four bedroom house in Marsfield recently went backwards on its 2015 price. The 1975 built home sold for $1,791,000 in three years ago, and has just resold for $1.75 million, a $41,000 loss.</div>
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A unit at 21-31 Porter Street fetched $66,000 less, while a unit at 2D Porter Street sold for $38,000 less than four years ago.
<a href="https://www.propertyobserver.com.au/images/2019/1/2/Ryde4.jpg" target="_blank">Click here</a> to enlarge:
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A three bedroom house in Ryde sold for $1.65 million (pictured below) bucked the trend selling in under three weeks.
Set on a 550sqm block, the house at<a href="https://www.realestate.com.au/sold/property-house-nsw-ryde-129030918" target="_blank"> 1 Cosimo Place</a> offered three large bedrooms, modern Caesarstone kitchen, formal living and second living area.
Other features include LED-lit stairs, alfresco, generous laundry and study nook. 
It sits a short stroll to buses and parklands, and delivers immediate access to schools, retails and Macquarie business precinct. 
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A one bedroom unit in the heart of Ryde sold for $430,000 (pictured below). It first sold at $281,000 in 2012.
The unit situated at<a href="https://www.realestate.com.au/sold/property-apartment-nsw-ryde-128796734" target="_blank"> 1/688 Victoria Rd</a> consists of one bedroom with built-in, spacious lounge/dining area, modern kitchen and private courtyard.
It is situated only a short walk away from Top Ryde Shopping Centre, Putney Shopping Village, Local Transport, Schools and Riverside Parklands.
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A Curzon Street two-bedroom unit priced between $580,000 to $630,000 (pictured below) fetched $568,000 in October.
The unit at <a href="https://www.realestate.com.au/property-unit-nsw-ryde-129234978" target="_blank">7/15 Curzon Street</a> comprises of large living area with balcony, newly renovated kitchen, two large bedrooms and lock-up storage room.
It situated within seconds to Top Ryde City Shopping Centre, city buses, restaurants and cafes.
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Ryde ranks as Sydney's weakest 2018 housing market: CoreLogic

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National dwelling prices will have declined by five percent by the end of the year, CoreLogic have estimated in their 2019 market outlook.
They still say national dwelling values will be 22 percent higher relative to this time five years ago.
Through to the end of November, Sydney was the hardest hit, with dwelling values dropping 8.1 percent, while Hobart performed the best, seeing a 9.3 percent rise.
CoreLogic's head of research Tim Lawless said there is likely to be only three capital cities bringing down the national dwelling total.
“In all likelihood, five of Australia’s capital cities will finish the year with a positive annual movement in dwelling values, highlighting that weaker conditions in Sydney and Melbourne, and to a lesser extent, Perth, are the main drag on the national index," Lawless said.
"To assess the housing market trends over the coming year, it’s important to reflect on the factors that have driven the market performance more recently and how they are likely to change over the coming twelve months.”
He suggests the lack of credit availability is a key factor in the current housing market downturn, and expects lenders to remain conservative in 2019.
"With the final report from the Royal Commission due in early 2019, we expect lenders will remain conservative in their approach," Lawless advised.
"This implies that high quality borrowers will be in the driver’s seat (i.e those with large deposits, low debt relative to their income and a strong serviceability position).
"Borrowers with less than a 20% deposit and those with debt levels that exceed six times their income will find it harder to obtain finance and will likely face a premium on their mortgage rates.
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"Overall, we expect housing finance will remain a formidable obstacle to improving housing market conditions next year, but higher quality borrowers should be able to secure debt at very low rates as lenders compete for their business. 
 
 
 
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CoreLogic tip 2018 national dwelling values to end five percent down

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National capital city residential property prices fell 1.5 per cent in the September quarter 2018, according to figures released by the ABS, and 1.9 per cent over the year.
Melbourne and Sydney were the obvious drivers of the decline.
Melbourne prices recorded the third consecutive quarter of falls (-2.6 per cent) and the first annual price fall (-1.5 per cent) since the September quarter 2012.
Sydney property prices continued to fall, a further -1.9 per cent in the September quarter. 
Bruce Hockman, chief economist at the ABS falls in Sydney and Melbourne are no longer confined to the more expensive properties.
"Declines are now being observed in the middle and lower segments of the market," Hockman said.
"Factors including tightening credit availability and falling property prices are weighing on activity from both investors and owner occupiers".   "Results are in line with market indicators, with auction clearance rates and sales volumes falling and days on market trending higher," Hockman added.
Click here <a href="https://www.propertyobserver.com.au/images/2018/12/11/ABS-Figures.jpg" target="_blank">to enlarge.</a>
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The total value of Australia's 10.1 million residential dwellings fell by $70.1 billion to $6.8 trillion. The mean price of dwellings in Australia is now $675,000. 
Ernst &amp; Young Sydney managing partner Andrew Price said the latest data is more evidence of a significant downturn in Sydney and Melbourne.
"Access to credit and macro-prudential measures are proving to be major factors in the downturn," Price suggested.
"Unlike previous downturns, it’s occurring during a period of low unemployment and strong economic conditions, which suggests that regulatory settings are playing a major role.
"The downturn coincides with the introduction of comprehensive credit reporting, which will only add further lending requirements."
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Sydney and Melbourne drive property price decline in September quarter: ABS

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The cooling of the property market was expected, but the price falls have been larger than previously forecast, according to HSBC's Paul Bloxham.
He suggests the cooling has been due to a reversal of factors that drove the boom in the first place. 
These included: housing undersupply during the mining boom (2004-2012), which has been worked down by a building boom; falling interest rates, that have since stabilised; strong foreign demand, which has weakened, due to constraints on foreign buyers; strong growth in lending to investors, which has been constrained by tighter prudential settings; and, expectations of capital gains, which drove investor activity, but have eased. 
Bloxham noted the cooling is not unlike developments elsewhere, such as in London, New York and Vancouver, suggesting some common global factors.
"So far, the cooling has been orderly, with very few forced sales. 
"This partly reflects that the key fundamentals that support housing demand remain in place − strong population and jobs growth and low interest rates. 
"In addition, although housing supply has been boosted, the market does not appear to be oversupplied. 
"Our central case is for a soft landing, supported by these fundamentals.
"A harder landing is a risk and could occur if economic growth were to slow sharply and the unemployment rate rose.
"High household debt also makes Australia’s economy more vulnerable. 
"A further credit tightening, perhaps as the result of policy changes resulting from the Royal Commission, is a risk.
"Possible changes to the tax treatment of investment properties present a risk, but we see the likely effect as small."
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While the housing market correction remains orderly and jobs growth remains solid, Bloxham expects it to have a limited impact on consumption growth/
"There was little evidence of a positive wealth effect during the boom, and consumer spending has held up well recently, despite the housing market cooling.
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National housing prices rose by 46% from the trough in mid-2012 to the peak in mid-2017, which delivered a compounded annual growth rate of 8% over that period (Chart 1). Since mid- 2017, nation-wide housing prices have fallen by 5% (peak-to-current level).
However, the nation-wide average hides considerable variation across the country (Chart 2). 
He noted much of the ramp-up was in the Sydney and Melbourne markets, where prices rose by 75% and 58%, trough-to-peak, respectively. Over the same period, housing prices rose by smaller amounts in Adelaide (20%), Brisbane (20%), Canberra (22%) and Hobart (40%). In Perth, where the end of the mining boom had its largest effect, housing prices rose in 2012 and 2013, but then fell, to now be lower than in 2012 (Perth prices are the same as they were in 2009).
National housing prices began to fall in mid-to-late 2017, and since their peaks, Sydney and Melbourne prices are down 8% and 5%, respectively. Prices have continued to rise in the other cities, except for Perth. So far the cooling has orderly, "with little evidence of forced selling."
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For Sydney, the rise and fall in prices occurred to similar degrees for both houses and apartments and prices rose by similar amounts across the price distribution.
So far, the price declines have been more pronounced at the top end of the market, although prices at the bottom end are also falling.
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For Melbourne, the trends are similar, although apartment prices rose by far less than detached house prices, due to a strong boost to apartment supply in recent years.
The differential between house and apartment price trends in Melbourne provides evidence that the supply and demand of dwellings (not just availability of finance and interest rates) have been key drivers of the price trends.
A large boost to Melbourne apartment supply ensured that unit prices rose by less than detached house prices.
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During the housing price boom, Sydney and Melbourne were favoured over the other cities for a number of reasons.
They had much less exposure to the drag in incomes from the end of the mining boom and, as a result, had much stronger jobs and population growth
Both markets were more undersupplied, as housing construction had been weak during the mining boom; and, they are Australia's most global cities, so they attracted the most foreign investment and migrants.
Many of these forces are now acting as a drag on housing prices in Sydney and Melbourne.
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The rise in housing prices since 2012 has been much more gradual outside of Sydney and Melbourne.
In Brisbane, housing prices have risen by 20% since the trough in 2012, with a significant differential between detached house and apartment prices, reflecting the effect of an apartment building boom in the central business district in recent years.
In Perth, housing prices rose in 2013 and 2014, as the fall in interest rates supported activity, but the combination of a sharp slowing in population growth at the end of the mining boom, and a boost to housing supply, has seen prices falling since then.
For the other smaller cities, prices have generally risen, given less exposure to the end of the mining boom and support from lower interest rates, among other region-specific factors.
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Bloxham noted what has been unusual about the recent housing market cooling, compared with history, has been that it has occurred without the RBA lifting its cash rate, or a significant rise in mortgage rates.
"Instead, housing supply has increased to meet demand, and help clear the market, and a range of other factors (outside of the RBA’s cash rate setting) have helped to constrain demand, including constraints on foreign purchases and tightened prudential settings.
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"Because the housing market is cooling while economic growth is strong and the labour market is tightening, the cooling has, so far, been orderly. There are few signs of forced sales, aside from pockets of the ‘off-the-plan’ apartment market," he said.
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